Popular subreddit r/CryptoCurrency has joined SushiSwap’s Onsen dual rewards program, offering liquidity provider (LP) conversion fees, MOON and SUSHI rewards.
according to a postal Starting in February, the main goal is to increase the liquidity of the MOON token.
Truda Hamzik, Head of Business Development at SushiSwap, explain They are “honored to be associated with the r/CryptoCurrency team and intend to maintain a close partnership in the future”.
“It all started when we looked at their governance proposal. Then I reached out to the team and drafted a simple article to help them understand how the spa program would work and called to answer questions.”
A day later, the group said:
“They agreed to participate.”
Born out of a fork of the popular decentralized exchange, SushiSwap is a trading and lending platform for various cryptocurrencies. SUSHI is the project’s native governance token, allowing holders to vote and propose changes to the platform.
MOON is the native token of subreddit r/CryptoCurrency, the largest cryptocurrency-centric community on Reddit with over 6.1 million users. Community members can earn MOON tokens by contributing to the subreddit. The tokens can be stored in Vault, Reddit’s mobile app-based crypto wallet, which is compatible with ethereum’s MetaMask wallet.
Tokens can also be used to rent ads in subreddits, vote in polls, and other events. However, banner rentals don’t happen often, and advertisers point out that buying MOONs to rent out banners could drive up prices due to the token’s low liquidity.
The new rewards program provides an additional 1,260 MOON per day, worth approximately $292 at current prices, or 7.5 SUSHI per day. LPs can earn a total of 11.73% from the transaction fees generated by other users exchanging ETH and MOON. In addition, there are 35.47% of people who are equal to MOON and SUSHI when participating.
ETH-MOON pool liquidity has hovered around $335,000 since the new offer was announced. Additional rewards will increase the circulating supply of MOON by 0.5% at the current rate.
Total Value Locked (TVL)bee pool ETH-MOON | source: sushi swap
Reddit embraces Web3 with open arms
MOON-WETH is the second largest mining pool on Arbitrum Nova after WETH-USDC. Arbitrum Nova is the second layer 2 solution from the Arbitrum team, offering low-cost transactions suitable for social and gaming applications.
In addition to MOON, the Ethereum-based rollup also hosts BRICK, the official cryptocurrency of another popular subreddit in r/FortniteBR, which has more than 2.2 million members.
SushiSwap’s Hamzik stated that they are “currently trying to contact the Fortnite managers to see if we can do something similar (for their BRICK tokens), although it is difficult. More because most of them are Not cryptocurrency-based.”
The Reddit team also bet on the NFT hype by being one of the first major platforms to allow profile photos to be integrated with NFTs. They partnered with Polygon to distribute free NFT avatars to over 3 million users.
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